PROPERTY developer Sterling Land Residences and Development Inc. is earmarking at least P100 million for the development of a new residential project in Barangay Tisa, Cebu City.
Positioned as an upper-mid development, Santa Monica Estate Tisa features 139 executive townhouse units in a 1.2-hectare property.
It is the company’s sixth project so far and is the first of the many projects under the new brand “metro living redefined” concept to be located in the city.
Sterling Land began the construction of the project yesterday. It is targeted for completion in three years.
Marilou Padilla, president and chief executive officer of Sterling Land, said Santa Monica Estates is a Balinese-inspired housing project that aims to provide homeowners a peaceful and thriving community.
It offers units with bigger spaces, the smallest being in a 52-square-meter area. All units will have landscaped pocket gardens.
As soon as they complete all documentary requirements including the license to sell, they will launch the project by July, said Padilla.
Sterling Land is poised to launch six projects in the next five years, including planned vertical projects in the coming months.
After its debut in real estate development in Cebu in 2014, Sterling Land already built five projects, bearing different brands and market positions.
It launched its eco-friendly subdivision, Santa Isabel Estate, in Carcar early this year.
Colliers International Philippines research manager Joey Roi Bondoc said President Duterte’s “golden age of infrastructure” will buoy the demand for property.
He said the push for decentralization in the form of road networks, improved airports, better transportation system and new bridges, should unlock land values in areas outside Metro Manila and stimulate business activity in the countryside.
Colliers expects developers to continue venturing into residential projects in second-tier and third-tier cities all over the country, where demand primarily comes from end-users.
“The markets may be smaller compared to Manila but more stable in terms of end-user housing demand,” the property research firm said.